Say it ain’t so!

A new paper published by MIT economists debunks exaggerated claims of Industrial Policy advocates that letting politicians shower subsidies and protectionist advantages on favored industries paves the way to prosperity. Not even in Japan, South Korea, and China.

Paul Samuelson, MIT’s late Nobel Prize winning central planning advocate, must be turning over in his grave.

The authors claim that Industrial Policy can be successful in theory as long as politicians do all the right things. Alas, they couldn’t find a single example. “The conclusion is not that there is no potential gain from industrial policy, but just that the textbook case doesn’t seem to be there.” Dang, it’s a good thing we already have tenure.

Part of the problem is that consumers don’t always cooperate, often refusing to buy what Experts™ insist they should. The only way to fix that is to follow the advice of MIT economics professor and Obamacare architect Jonathan Gruber and make it illegal for stupid consumers not to do what they’re told.

One would normally expect market-centered news like this to get buried by legacy media. But with a protectionist heading for the White House, the time may be ripe for this message to be heard.

Nah, just kidding. Handouts to favored constituents are the mother’s milk of politics. It’s fake news to claim that will ever change.

Story suggested by MIT News